Q1 revenues of $2.98 M up
314% over prior year period
AIRPORT CITY, Israel, May 16, 2024
/PRNewswire/ -- MySize, Inc. (Nasdaq: MYSZ) ("MySize" or the
"Company"), an omnichannel e-commerce platform and provider
of AI-driven measurement solutions to drive revenue growth and
reduce costs for its business clients, today reported financial and
operational results for the three months ended March 31, 2024.
Key Financial Highlights for the Three Months Ended
March 31, 2024 Compared to Prior Year
Period and Recent Developments
- Consolidated revenue increased 314% to $2,984,000 primarily attributable to revenue
generated following the acquisition of Orgad
- Software-as-a-Service (SaaS) revenues increased 25% to
$177,000
- Gross profit increased to $1,196,000 compared to ($1,147,000).
- Operating loss narrowed by 57% to $1,071,000
- Net loss narrowed by 61% to $1,016,000
- Inventory balance at March 31,
2024 was $2,136,000
- Entered into warrant repricing transaction for aggregate gross
proceeds of approximately $3.26
million, which is expected to close on May 20, 2024
Management Commentary
"We continued to show strong revenue growth and increased gross
profits over the first quarter driven by increases in revenues from
Orgad, manly due to shifting our operation to FBA (fulfilment by
Amazon) and our SaaS sizing solutions," stated MySize CEO and
Founder, Ronen Luzon.
"We remain steadfast in our commitment to navigating market
dynamics and delivering sustainable value to our shareholders. As
we look forward to the future of fashion tech, we continue to focus
on ways to integrate innovative technologies into our product
offerings in an effort to offer unique personalization and
engagement to both our brand partners and consumers."
"We continue to collaborate with our brand partners, consisting
of some of the top names in fashion, to use the data that we have
collected to highlight the clear and quantified benefits that
include increased average basket value, increased conversion, and
reduced returns as compared to shoppers who do not use our sizing
solutions."
Financial Results for Three Months Ended March 31, 2024
Revenues for the three months ended March
31, 2024 amounted to $2,984,000, compared to $720,000 for the three months ended March 31, 2023. The increase was primarily
attributable to an increase in Orgad sales.
Gross profit for the three months ended March 31, 2024 was $153,000, compared to ($427,000) for the three months ended
March 31, 2023. The decrease was
primarily due to a warehouse fire and the associated write-down of
part of Orgad's inventory.
Operating loss for the three months ended March 31, 2024 totaled $1,071,000, compared to an operating loss of
$2,492,000 for the three months ended
March 31, 2023.
Net loss for the three months ended March
31, 2024 was $1,016,000,
compared to net loss of $2,654,000
for the three months ended March 31,
2023, mainly due an increase in revenues and cost savings
mainly in R&D.
About MySize Inc.
MySize, Inc. (Nasdaq: MYSZ) (TASE: MYSZ.TA) is an omnichannel
e-commerce platform and provider of AI-driven measurement solutions
including MySizeID and recently acquired Naiz Fit to drive revenue
growth and reduce costs for its business clients. Orgad, its online
retailer platform, has expertise in e-commerce, supply chain, and
technology operating as a third-party seller on Amazon.com and
other sites. MySize recently launched FirstLook Smart Mirror, a
mirror-like touch display that provides in-store customers an
enhanced shopping experience and contactless checkout. FirstLook
Smart Mirror extends MySize's reach into physical stores and is
expected to contribute to revenues through unit sales and recurring
service fees.
MySize has developed a unique measurement technology based on
sophisticated algorithms and cutting-edge technology with broad
applications, including the apparel, e-commerce, DIY, shipping, and
parcel delivery industries. This proprietary measurement technology
is driven by several algorithms that are able to calculate and
record measurements in a variety of novel ways. To learn more about
MySize, please visit our website: www.mysizeid.com.
We routinely post information that may be important to investors
in the Investor Relations section of our website. Follow us
on Facebook, LinkedIn, Instagram,
and Twitter.
Please click here for a demonstration of how MySizeID
provides a full sizing solution for the retail industry.
To learn more about MySize and for additional information,
please visit: our website: www.mysizeid.com.
Forward-looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, including statements
related to the acquisition, expected revenues, and the expected
closing of the acquisition. These statements are identified by the
use of the words "could," "believe," "anticipate," "intend,"
"estimate," "expect," "may," "continue," "predict," "potential,"
"project" and similar expressions that are intended to identify
forward-looking statements. All forward-looking statements speak
only as of the date of this press release. You should not place
undue reliance on these forward-looking statements. Although we
believe that our plans, objectives, expectations and intentions
reflected in or suggested by the forward-looking statements are
reasonable, we can give no assurance that these plans, objectives,
expectations or intentions will be achieved. Forward-looking
statements involve significant risks and uncertainties (some of
which are beyond our control) and assumptions that could cause
actual results to differ materially from historical experience and
present expectations or projections. Actual results may differ
materially from those in the forward-looking statements and the
trading price for our common stock may fluctuate significantly.
Forward-looking statements also are affected by the risk factors
described in the Company's filings with the U.S. Securities and
Exchange Commission. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
Investor Contacts:
Or Kles, CFO
ir@mysizeid.com
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SOURCE My Size Inc.